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General insurance industry needs a fresh lease of life

The Financial Express, June 30, 2014

With the election handing a decisive mandate to the new government, now is the time for concrete steps to revive the economy. Budget 2014 is a critical platform wherein the government should announce macro and industry specific measures to enable the economy to return to the growth path.

The general insurance industry is among several sectors yet to realize their true potential, as it remains under-penetrated at 0.75% of the GDP. It plays the important role of absorbing critical risks at a marginal cost, whether it pertains to a company’s operations or an individual’s personal assets. It is time the challenges faced by the industry are addressed, which include under-penetration, hurdles to growth and absence of long-term growth policies.

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